Prime Minister Ishiba was informed by Nippon Steel Chairman and CEO Hashimoto Eiji that the deal was finalized during a meeting at the Prime Minister's Office on Wednesday.
The Japanese company last month fully acquired US Steel for USD 14.1 billion, making the US company a wholly owned subsidiary. The acquisition was finalized after lengthy negotiations with the administration of US President Donald Trump.
During the meeting, Hashimoto thanked Prime Minister Ishiba for the Japanese government's support and expressed his determination to improve US Steel's product quality. “We want to prove that Japan-US manufacturing cooperation is beneficial,” Hashimoto stated, emphasizing that the strategic partnership sets an important example not only in terms of trade but also in terms of industrial policy.
Prime Minister Ishiba stated, "In the ongoing Japan-US negotiations, we are focusing on investment rather than tariffs. In this sense, this step by Nippon Steel is a symbolic case,".
Speaking to reporters after the meeting, Hashimoto stated that the cooperation of Japanese companies with American production can contribute to President Trump's goals of revitalizing the US manufacturing industry and that his efforts to convince American manufacturers on this issue will continue.
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